Wholesale Electricity Prices Rise 19.2% in March, Still Below 2025 Levels

Wholesale electricity prices increased by 19.2% between February and March, according to the latest data from the Central Statistics Office (CSO). Despite this significant monthly surge, prices for providers in March were 2.4% lower compared to the same month in 2025. Furthermore, current wholesale electricity prices remain 66.8% below their peak observed in August 2022.

The CSO figures also indicate that the price index for all energy fuels rose by 4.6% in March and saw a 6.5% increase year-on-year since March 2025. This data emerges as Energy Minister Darragh O'Brien recently cautioned that household electricity prices could climb by up to 9% this summer, attributing the situation to «very volatile» global pressures.

Daragh Cassidy of the comparison site Bonkers.ie commented on the CSO figures, noting that wholesale electricity prices are inherently volatile, with monthly fluctuations of 10% to 20% being common. He emphasized the importance of examining trends over a longer period, such as six to twelve months. Cassidy highlighted that prices are slightly down year-on-year and have returned to January levels, indicating no significant immediate impact from the Middle East conflict, though this could change.

Cassidy further explained that despite recent movements, wholesale prices remain high, approximately double their pre-Ukraine war levels. Additionally, charges for grid maintenance and management continue to escalate, now constituting an estimated 40-50% of the total electricity cost for households. He concluded that a combination of persistently high wholesale electricity prices and rising grid costs will likely lead to further electricity price increases later in the year.